Answer: RERATES

"Re rates" is not a commonly used term. However, based on the clue you provided, it could possibly refer to the process of adjusting or changing the rates, typically in the context of upgrades or downgrades. For example, it could involve increasing or decreasing the interest rates on loans, adjusting insurance premiums, or modifying the rates of services or products. Please note that this interpretation is based solely on the information given, as the term "re rates" itself is not widely recognized or defined.

Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: Upgrades or downgrades. Explanations are generated by AI and may be inaccurate.